Sentences with phrase «at time of death of the insured»

Death benefit A death benefit is the amount paid to the beneficiary at the time of the death of the insured.

The amount of income the beneficiaries receive depends upon the death benefit, gender, and age at the time of death of the insured.

If the cash value loan or withdrawal is not repaid, this amount will then be deducted from the amount of death benefit that is paid out to the beneficiary at the time of the death of the insured.

Save - n - Gain Benefit: Under this option, at the time of death of the insured, the sum assured shall be paid to the child.

Lumpsum with Conversion: A lumpsum amount shall be paid at the time of death of the insured.

Regardless of circumstances, permanent life payments won't go to waste — the death benefit gets paid out at the time of death of the insured, along with the accumulated cash value plus interest.

The term is in effect until the mortgage is paid off, with the death benefit being only the remaining balance on the loan at the time of the death of the insured.

Any existing loans against your permanent life insurance policy will decrease the amount of the payout to the beneficiary at time of death of the insured.

Traditionally, term plans were synonymous with a one - time whole cover amount payment by the insurer company at the time of death of the insured, during the policy term.

It is a minimum death benefit amount that will be provided regardless of the underlying policy's cash value at the time of the death of the insured.

Not exact matches

Privately insured children and those with Medicaid at the time of a cancer diagnosis experience largely similar survival trends, with slight evidence for an increased risk of cancer death in children who were uninsured at diagnosis, finds a new study from the Brown School at Washington University in St. Louis.

A contingent beneficiary is entitled to insurance proceeds or retirement assets only if predetermined conditions are met at the time of the insured's death (as can be found in a will).

This means it will pay out the face amount of the policy at the insured's time of death.

Paying back these loans is optional; however, any portion of the loan that is not repaid at the time of the insured's death will decrease the amount of death benefit proceeds that are paid out to the beneficiary.

A beneficiary is a person who receives insurance benefits at the time of the insured person's death.

However, your loved one may have had outstanding copayments or deductibles, things that were simply not covered by his plan, or he may have not been insured at the time of his death.

It is, however, important to note that if there is an unpaid balance at the time of the insured's death, the unpaid amount will be charged to the death benefit amount that is paid out to the named policy beneficiary.

Family income rider income is paid out in addition to the death benefit, which beneficiaries receive at the time of the insured's death.

It is important to note, however, that even though a withdrawal or a loan is not required to be paid back, if there is an unpaid balance in the cash - value component of the policy at the time of the insured's death, then the amount of that balance will be charged against the death benefit that is paid out to the policy's beneficiary.

In theory, the riders can be added at time of application and upon medical approval so that the policy owner can access a portion of the death benefit as long as certain conditions are met by the insured medically.

This convertible term insurance can be made of use when the person insured is still at a young age where the insurance could still cater for small expense and premature death but as time comes everyone gets older, this convertible term insurance might not be enough to cater the long term needs of the insured so it is of best interest that the policy holder should convert their policy to a more permanent type of insurance such as Universal Life.

At the same time, it gives coverage for the insured party's family, which means that beneficiaries will receive proceeds from the insurance claim upon death of the policy holder.

Contingent Beneficiary An individual or entity that is entitled to receive the proceeds of a life insurance policy if the primary beneficiary is not living at the time of the insured's death.

(It is important to note, though, that any unpaid loan balance at the time of the insured's death will go against the amount of the death benefit that is paid out to the policy's beneficiary).

In case of death of the insured during the tenure of the plan, the basic Sum Assured chosen at the time of buying the plan is paid subject to a minimum of 105 % of all premiums paid till the date of death.

The insured may make a nomination at any time during the policy term with the purpose of payments of benefits in the event of his death.

If the life insured dies during the term of this LIC online term plan chosen by him at the starting of the plan, the death benefit is paid which is equal to the Sum Assured chosen by the policyholder at the time of inception of the policy

When speaking about life insurance, insurable interest must exist at the time of application, but is not required to still exist at the time of an insured's death.

A unit linked child insurance plan which provides market related returns while at the same time taking care of the child's future.Guaranteed Loyalty Additions are added to the fund @ 3 % of the average fund value in the preceding three years.The fund value is paid on maturity of the plan and in case of death of the insured during the tenure of the plan; the Sum Assured is paid immediately.

The policyholder can nominate a person (the beneficiary) to receive the Death Benefit in the event of the demise of the life insured or make a change in nomination at any time during the tenure of the plan, provided the plan is in force, by submitting a written request to the insurance company.

Example 3: Paid to the children of the marriage of the Insured and Dee End, natural and adopted, living at the time of the Insured's death, equally and to the survivors among them.

Because term life insurance provides just pure death benefit protection, the premiums for this type of coverage can be quite low — particularly if the insured is young and in good health at the time of application.

Paying back these loans is optional; however, any portion of the loan that is not repaid at the time of the insured's death will decrease the amount of death benefit proceeds that are paid out to the beneficiary.

The critical illness (a type of accelerated death rider) can provide much - needed comfort at a difficult time for the insured and his loved ones.

The Company will not provide any benefits, reimbursements or coverages for any of the costs or expenses incurred by the Insured Person for a re-return trip, if any, to the original location of the Insured Person at the time of learning of such death or destruction.

Time and age limits are usually applicable, as for example, the insured must die within 90 days of the accident and be age 60 or less at the time of deTime and age limits are usually applicable, as for example, the insured must die within 90 days of the accident and be age 60 or less at the time of detime of death.

Sometimes, as much as 80 % of the death benefit, may be made available, at any time within the last year or two of the insured person's projected life.

Q. TRIP INTERRUPTION — Subject to the Terms of this insurance and in the event of the Unexpected death of a Relative of the Insured Person, or in the event the Insured Person's trip or travel plans must be cancelled or interrupted as a result of a break - in or substantial destruction due to a fire or Natural Disaster of the Insured Person's principal residence in his / her Home Country, the Company will reimburse the Insured Person's actual expense up to the amount shown in the Schedule of Benefits / Limits for the costs of a one - way air or ground transportation ticket of the same class as the unused travel ticket to transport the Insured Person from the International airport nearest to where the Insured Person was located at the time of learning of such death or destruction to the International airport nearest to: (i) the location of the Relative's funeral or place of burial, or (ii) the Insured Person's destroyed principal residence; subject to the following conditions and limitations:

R. TRIP INTERRUPTION — Subject to the Terms of this insurance and in the event of the Unexpected death of a Relative of the Insured Person, or in the event the Insured Person's trip or travel plans must be cancelled or interrupted as a result of a break - in or substantial destruction due to a fire or Natural Disaster of the Insured Person's principal residence in his / her Home Country, the Company will reimburse the Insured Person's actual expense up to the amount shown in the Schedule of Benefits / Limits for the costs of a one - way air or ground transportation ticket of the same class as the unused travel ticket to transport the Insured Person from the International airport nearest to where the Insured Person was located at the time of learning of such death or destruction to the International airport nearest to: (i) the location of the Relative's funeral or place of burial, or (ii) the Insured Person's destroyed principal residence; subject to the following conditions and limitations:

It is important to note here, though, that any un-repaid balance in the cash value that remains at the time of the insured's death will be charged against the amount of the death benefit that is paid out to the policy's beneficiary.

Permanent life insurance offers an insurance component that pays a stated amount of proceeds upon the death of the insured, while at the same time providing a cash value or investment component that accumulates cash value that the policy holder may withdraw or borrow against.

In its most basic sense, life insurance consists of a policy holder paying a premium to an insurance company and in return, the insurance company paying out a death benefit to the beneficiaries of the insured if and when the insured passes away — provided that the policy is in force at the time of the individual's death.

Accelerated Death Benefit for Chronic Illness Plus Rider: Selected at issue and available at an additional cost, this rider allows for up to 100 % of the policy's death benefit to be accessed in advance (with a monthly benefit of 2 %, capped at the then current IRS per diem times 30) if the insDeath Benefit for Chronic Illness Plus Rider: Selected at issue and available at an additional cost, this rider allows for up to 100 % of the policy's death benefit to be accessed in advance (with a monthly benefit of 2 %, capped at the then current IRS per diem times 30) if the insdeath benefit to be accessed in advance (with a monthly benefit of 2 %, capped at the then current IRS per diem times 30) if the insured:

Critics point to the rate of return being less than in a typical investment, obviously before the insured's death, the extra cost of the policy compared to basic term life insurance policies and that, if the policy is canceled at any time, no money is refunded.

Also, I have never heard of any lawsuit that has ever overturned a beneficiary designation after the death of an insured who was in a healthy frame of mind at the time of designation.

In addition to the sum insured on death, the nominee will receive the additional sum assured chosen at the time of inception in case of death due to accident.

With the graded plan, the death benefit will not all be paid out at the time of the insured's passing, if they have only owned the policy for a short time.

Individuals who are insured under a life insurance policy, a pension or other annuity product that carries a death benefit enter into a contract with a life insurance carrier at the time of application.

However, any portion of the loan that is not repaid at the time of the insured's death will decrease the amount of death benefit that the policy's beneficiary receives.

However, it is important to note that any unpaid loan balance at the time of the insured's passing will be charged against some death benefit proceeds that are paid out to the beneficiary.